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Wednesday 26.10.2016 | Name days: Kaiva, Amanda, Amanta

Latvia’s foreign trade turnover grows by 3.8%

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn June 2015, as compared to May, foreign trade turnover at current prices grew by 3.8%, of which exports value of goods increased by 1.6% and imports value of goods – by 5.6%.

In June, Latvia exported goods in the amount of 810.5 million euros, and imported – in the amount of 1,040.6 million euros. Nevertheless foreign trade balance worsened, since exports in total foreign trade value declined to 43.8% (in May 2015 – 44.7%), according to data from the Central Statistical Bureau of Latvia.

Main changes in exports in June, compared to May, include the following: exports of wood and articles of wood grew by 13.1 million euros or 9.5%; exports of products of the chemical and allied industries increased by 9.4 million euros or 17.3%; exports of optical instruments and apparatus (including medical); clocks and watches, musical instruments grew by 6.8 million euros or 43.4%; exports of prepared foodstuffs rose by 6.5 million euros or 11.6%; exports of basic metals and articles of basic metals dropped by 15.0 million euros or 16.7%.

Main changes in imports in June, compared to May, include: imports of vehicles and associated transport equipment increased by 23.1 million euros or 36.7%; imports of plastics and articles thereof grew by 7.0 million euros or 12.0%; imports of machinery and mechanical appliances; electrical equipment increased by 6.6 million euros or 3.0%; imports of prepared foodstuffs rose by 6.2 million euros or 8.2%.

Affected by seasonal factors, in June as compared to May both – exports (of 9.9 million euros or 31.5%) and imports (of 4.0 million euros or 31.5%) of vegetable products witnessed decrease.

In June main export partners in trade with the EU Member States were Lithuania (18.8% of total export), Estonia (11.9%), Germany (6.7%) and Sweden (6.2%); main import partners – Lithuania (18.5% of total import), Poland (11.3%), Germany (11.1%) and Estonia (7.8%).

Growth in exports to the CIS countries was mainly affected by increase in exports to Uzbekistan of 4.2 million euros or 2.8 times (growth in exports of products of the chemical and allied industries – 3.5 million euros or 4 times), as well as to Kazakhstan – of 2.2 million euros or 84.9% (growth in exports of agricultural and food products – 1.1 million euros or 2.2 times).

The main partner in trade with third countries was Russia, the share of which in total Latvian exports in June accounted for 8.7%, and in imports – for 7.2%. Compared to May exports value in June 2015 grew by 2.9 million euros or 4.4%, and imports value – by 8.2 million euros or 12.4%. Compared to June 2014 exports value dropped by 16.7 million euros or 19.3%, in turn imports value grew by 4.0 million euros or 5.6%.

In June 2015, compared to June 2014, rise in exports of furniture, other furnishing articles; prefabricated buildings was affected by increase in exports of prefabricated buildings of 2.6 million euros or 59.2%. In turn, decline in exports of passenger cars of 10.2 million euros or 59.2% significantly influenced the total exports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof.Rise in imports of electrical machinery and equipment in June 2015, as compared to June 2014, was affected by increase in imports of machines for the reception, conversion and transmission or regeneration of voice, images or other data of 5.7 million euros or 2.4 times. In turn, drop in imports of mineral fuels, mineral oils and products of their distillation was mostly influenced by decrease in imports of diesel oil of 13.7 million euros or 18.2%.


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